LOUISVILLE, KY. — Marcus & Millichap has negotiated the $5.5 million sale of Precision Metal Works, a 157,520-square-foot industrial facility in Louisville. The asset is situated at 6901 Preston Highway, about 10 miles southeast of downtown Louisville. Darpan Patel, Sal Ramundo and Aaron Johnson of Marcus & Millichap represented the undisclosed seller in the transaction. The buyer was also not disclosed.
BROWNSVILLE AND MCALLEN, TEXAS — Texas Realty Capital (TRC) has arranged an undisclosed amount of acquisition financing for a 746,136-square-foot industrial portfolio in South Texas. The buildings are located in Brownsville and McAllen. The non-recourse loan featured a loan-to-cost (LTC) structure of 71 percent. The borrower was not disclosed.
Recently, my national research colleagues released “The Top 10 Commercial Real Estate Trends for 2019,” a piece featuring predictions on subjects such as trade tensions, labor shortages and the evolution of “co-everything.” Of all the predictions, one stood out as being especially relevant for the Indianapolis industrial market as we inch further into 2019. Indianapolis has lacked industrial space for occupiers seeking to grow, particularly in smaller segments. The great news is that the market is well on its way to remedying this ailment. Demand causing shortage As we all know, the industrial sector is undergoing an e-commerce revolution. This has created a rush of demand by retailers and third-party logistics (3PL) providers for distribution and warehouse space, especially in cities like Indianapolis, which historically has been recognized for logistics strength. As a result, industrial market fundamentals have generally tightened across much of the United States. In the fourth quarter of 2018, the U.S. industrial vacancy rate fell to 4.8 percent, the lowest rate on record. Similarly, Midwestern markets currently sitting at 4.8 percent vacancy have experienced a 50-basis point decline in vacancy since the fourth quarter of 2017. Pair that with north of 111.5 million square feet of …
CRANSTON, R.I. — CBRE has brokered the $6.9 million sale of a 234,600-square-foot industrial facility in Cranston. Located at 2700 Plainfield Pike, the property consists of 225,000 square feet of distribution space. The facility also includes a 9,600-square-foot truck maintenance facility with fueling area. Gerald Lavallee of CBRE represented the seller, First Bank and Trust Company of Illinois, in the transaction. The buyer was Equity Industrial Partners, which plans to update the facility with a new roof, LED lighting and parking lot.
PHOENIX — Graycor Construction Co. has completed the construction of Ten Distribution Center Phase I in Phoenix for Irwin G. Pasternack AIA & Associates PC. Located at 8181 W. Roosevelt St., the 1.1 million-square-foot speculative industrial project features 40-foot clear height ceilings, cross-dock framework and high-volume trailer capabilities. The property is Foreign Trade Zone capable, which provides the opportunity for tenants to reduce real estate property and equipment taxes by as much as 72 percent, according to the builder. At build out, Ten Distribution Center will total 215 acres and 3.6 million square feet of space spread across six Class A industrial buildings, ranging in size from 175,000 square feet to 1.1 million square feet. Additionally, the project will include 15 retail, restaurant and service tenants fronting 83rd Avenue.
TOLEDO, OHIO — Thyssenkrupp Supply Chain Services NA Inc. has signed a 119,952-square-foot industrial lease in Toledo. The 1.1 million-square-foot building is situated on 46 acres at 315 Matzinger Road. Ron Jurgenson of Reichle Klein Group represented the landlord, I.B.C. Inc. Jerry Malek of Reichle Klein and Peter J. Kepic of Colliers International represented the tenant. The lease is for four years and five months.
FARMERS BRANCH, TEXAS — Holt Lunsford Commercial has negotiated a 30,000-square-foot industrial lease at 4535 Simonton Road in the northern Dallas metro of Farmers Branch. Andrew Gilbert of Holt Lunsford represented the landlord, TA Realty, in the lease negotiations. Guy Brignon of Cross Creek Consulting represented the tenant, Design Expediting Services International LLC.
KEARNY, N.J. — Terreno Realty Corp. has acquired a 16-acre industrial property in Kearny. The sales price was $25 million. Located at 81 North Hackensack Ave., the property is fully leased to one tenant. The property was acquired as partial repayment of a $55 million senior secured loan that Terreno Realty made in 2018 to an unnamed borrower. The acquisition reduces the seller’s outstanding loan balance to approximately $30 million.
RIALTO, CALIF. — NAI Capital has negotiated the sale of a multi-tenant industrial park, located at 170-190 N. Arrowhead Ave. in Rialto. A private investor acquired the property from 170 Arrowhead Partners LLC for $3.3 million, or $106 per square foot. The two-building park offers a total of 16 units ranging in size from 984 square feet to 2,816 square feet. The 30,938-square-foot property features grade-level loading, 16-foot minimum clear heights, separately metered units and 39,000 square feet of excess land. At the time of sale, the property was fully occupied. Nicholas Chang and Richard Lee of NAI Capital’s Investment Services Group and Justin Kuehn, also of NAI Capital, represented the seller in the transaction.
HOUSTON — Colliers International has brokered the sale of Brookhollow West Business Park, a 251,569-square-foot industrial property located at 9777 W. Gulf Bank Road in Houston. The property was built in 1977 on 15.4 acres. Walter Menuet and Judd Harrison of Colliers represented the seller, CUNA Mutual Investment Corp. Abco Industrial Properties represented the buyer, Gulf BK LLC.
